2012-12-22
2012-12-30
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CNBC 8
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. >>> and this is interesting if you have been following the herbalife story. they're working with the law firm-by-schiller, in connection with the fight with billackman. shorting the company. last week he revealed he had been shorting the stock. the "wall street journal" saying it's not clear what counsel the corporate litigator could be offering herbalife, you can imaginin it's going to get tough and aggressive. at some point we've got to talk about julian -- julian robertson on twitter. if we'll consider that a headline. if he's on twitter -- >> did you know about this? >> no. >> there's a handle -- >> i've seen other people that it's obviously not them -- >> this could be him, though. and there's a big debate. a raging debate going on line about whether julian robertson is actually tweeting or not. you have a view? >> i -- i'm going shy away from this conversation other than -- >> we need to find out, though. >> other than to say it's a raging debate. >> i e-mailed him. this julian robertson -- >> how do you know you're e-mailing the right one? >> wow. >> because i have e-mailed with him pr

. ackman. >> they also hired shiller, the law firm. not clear why they would hire a law firm at this point. no reason given. they have hired them, which is another, hmm, wonder what they're up to kind of move. bob pisani is on the floor with what's moving today. >> we're up 24 points in the dow. and a lot of people think a grand bargain is impossible at this point. but president obama coming back from vacation in hawaii. that's an indication that some kind of deal -- however small -- is definitely coming. i want to point out, and i know you've been negative on this mastercard data on retail sales, and everybody thinks it's going to be a mess for the holiday season. i want to point out that the stocks are not acting that way. that this is a disaster for the season. the s&p retail index hit an historic high on december 3rd. historic high. since then, it has only been down about 3%. these stocks are not acting like there's a disaster. i can give you several reasons why they're not down so far. number one, we are going to see eps growth in the fourth quarter from some of them because of the ex

in this situation? >> well, this year i'm transferring the majority of my ranch, as long as we're under the tax laws that we have in the next few days, majority of my ranch will go to my sons, and i'm basically semi-retired, shall we say. >> what -- what is happening, bob, is more and more family-owned ranches, the family is having to sell the farm or the ranch because they can't afford the taxes, and the value of those farms and ranches has gone up over the time because of the tremendous interest in farmland these days, right? >> well, most of it in our area has been bought up by outside money for recreation purposes. we live in a very scenic area. it's not all that conducive sometimes to agriculture because we only get about 14 inches of rain, but we have beautiful trout streams and wildlife, and there's been a lot of influx of people with deep pockets buying ranches in montana, and the average price in our area has gone for over 2,000 an acre which cows can't pay for so trying to keep it in the family -- >> so an unintended consequence of raising the tax and lowering the threshold is exactly that

for the issues that are bought once the law gets changed? >> nobody knows for sure. that brings up a very important point, which is historically, the treasury department has never imposed taxes on anything retroactively. so this would be a very bad precedent if they decide to apply this to existing bonds that are currently outstanding. what they ought to do is apply this, if they're going to do it, on a foregoing basis, the bonds issued after january 1st, 2013, for example. >> we're showing the picture of the mub, the etf that tracks the municipal bond market. we've seen it decline since the beginning of roughly december. i think a lot of people are concerned about this. but your point is, that perhaps if you buy this year, the treasury would not put taxes on those holdings, correct? which could be a good time to buy muni bonds. >> you're playing a gamble on whether or not the treasury is going to protect you for this year or not. personally, i'm a little bit more worried about the fact that the taxes could apply retroactively. just because of the nature of the way this would work. what's

, and $100 million net worth. >> correct. so big payday for law firm and toyota deal. the big firm, of the winner, hagans berman. do you know them? >> no. >> seattle based law firm that serves as the lead council in the class action set to receive more than $300 million. not bad work if you can get it. >> how much? >> $300 million. taking a third. a little less than a third. >> -- magnetic business cards as the ambulance passes by. >> right. >> i would buy some stock in those today, right? for these guys. you wonder why texas is doing a little built better. because they have put in some rules in place. i'm sorry. >> no. >> you come from a lawyer. >> i do. but we -- my dad doesn't have magnetic business cards. we don't do ambulances. >> no, you were on the good side of things, wasn't he? >> most of the time. >> all right. not all the time? all right. yeah, you did have that sign, i forgot, from the smoker's litigation, where did that -- asbestos? where did that come from? >> the steinway? >> dock workers at four u.s. ports in the pacific northwest will remain on the job despite an o

existing laws. they're not enforced. but did you see this gallup, a new record for people that oppose handgun bans. 74%. it's never been that high. 24% -- more people apparently would ban piers morgan from ever appearing on tv again than would ban handguns. that's much higher consensus on that. which i think -- which would be good for everybody, i think. >> look, there are a lot of cross currents here, joe. you're right. i mean i think there's very strong sentiment that something big has to change. >> background checks, you know what? you definitely got to -- you should do that. >> gun show loopholes >> there's some simple things. but actually questioning the second amendment, that's counterproductive. i'm telling you. for people that do that. it's counter productive. anyway -- >> very special thanks to eamon and to jared. happy holidays if we don't see you before the new year. but i think given this conversation we might be talking cliff even on monday. >> thanks. >> coming up, businesses bracing for the fiscal cliff. we'll ask chairman and ceo thomas fanning if the deal is possible

on africa and many believe now is the time. this is an overgeneralization. the rule of law is not widespread enough in the continent. there is a glimmer of hope such as sun nish sha. countries such as egypt still questionable. we have seen mass rioting there and growing concerns whether the new rule of law and new constitution will effectively protect investors. >> just a few years ago, there were maybe 10 frontier emerging funds. now, there's more than 300. they're the hot thing. remember, even if there is growth there, very little liquidity. that's not a real place for mom and pop investors. that's still a white knuckle place even if there is growth. >> i'm looking at global industries 52 week highs, turkey, france, uk. lithuania, japan. can those do well? >> i think so. they're coming off their bottom. europe 20 through wh-- europe 2 what was our 2008. >> you think merkel gets re-elected? >> at this point. she seems to be doing okay. if merkel gets re-elected, she will be a major outlier. the general rule of thumb for almost all politician, you never survive a debt crisis. germany doesn't

him to invoke federal law in order to invoke a cooling off period. i don't know what the likelihood of that is. i don't know what the president might do. do you think he would -- >> wow. that's a lot of red. >> you step out. you like to step out. you like to make statements, right? >> it's the holidays. >> i'm aware of that. >> you're wearing a red tie today. >> a shirt and a tie. that's usually what i go with, some type of shirt, some type of tie. no bells and whistles. this is your thing. whether you have bracelets -- one of those things is measuring your heart right right now. how is it? >> it's measuring my -- >> your calorie intake? >> my pressure goes up when i'm with you. well, no, this is the jaw bone. >> is it a measure of calories? >> calories, walking, sleeping, rem sleep, how much i shept last night. >> and calories. >> calories. >> if you wore it on your left wrist, would there be less calories, do you know? >> i will test that for you. >> test it out. gasoline prices. you know what i want to ask you? do you employ lobbyists at all? >> no. >> not at all? >> no. >> but w

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